Americas
Origin Oil partners with US DoE on conversion of algae into renewable crude
Renewables firm OriginOil plans to co-develop an integrated system with the US Department of Energy's Idaho National Laboratory (INL) for direct conversion of raw algae into a renewable crude oil that can be used by existing petroleum refineries.
EU remains uncertain on timing of Iran oil embargo
A European Union embargo on Iranian oil could be enacted after a six-month grace period under one of the options being considered, but there is still no consensus on the matter. EU diplomats familiar with the discussions said Friday that while six months is one of the possible options, there is no convergence yet.
Chevron warns of weakening downstream results
Chevron expects 2011 fourth-quarter downstream earnings to be down significantly from the third quarter amid lower margins and refinery input volumes. In the US, Gulf coast refining margins fell substantially in the fourth quarter compared to the third quarter, the company said.
Hoover starts Pecos pipeline work in west Texas
Hoover has begun construction on Phase I of its Pecos Crossing pipeline, a 24-mile crude oil system to serve west Texas with a capacity of up to 120,000 bpd. The Pecos Crossing pipeline is scheduled to be operational in April 2012 and will be the first crude oil pipeline operating south of the Pecos River.
ADM to end US bioplastics alliance with Metabolix
US-based bioscience firm Metabolix announced Thursday that Archer Daniels Midland (ADM) has given a termination notice for its role in the companies’ Telles joint venture for PHA bioplastics. ADM said projected financial returns from the alliance were too uncertain.
Enbridge probes possible US Gulf gas pipeline leak
Enbridge is investigating the report of a small natural gas leak in the West Cameron Block 275, located 66 miles off the coast of Louisiana in the US Gulf of Mexico. A three-foot diameter patch of bubbles has been spotted on the surface of the water in the vicinity of the Stingray natural gas pipeline.
Tesoro seeks sale of Hawaii refinery, retail stations
Tesoro is planning to sell its Hawaii operations, including the 94,000 bpd Kapolei refinery, operations at 32 retail stations and all associated logistical assets, according to company officials. The refinery yield is distillate-focused and is complementary to the on-island demand for utility, jet and military fuels.
Enterprise extends shipper commitment period for Appalachia-Texas ethane pipeline
Enterprise Products is extending its open commitment period by two weeks to accommodate additional shipper demand on the partnership’s Appalachia-to-Texas pipeline (ATEX Express). The open commitment period began Wednesday morning and will close on the afternoon of Monday, January 23.
US oil coalition urges Obama to allow Keystone XL
The American Petroleum Institute (API) along with more than a hundred industry organizations sent a letter to President Obama urging him to swiftly approve the Keystone XL oil pipeline. API said it would also launch a new TV ad that will run in key states.
EIA hikes 2012 WTI oil price outlook to $100.25/bbl
The US Energy Information Administration (EIA) on Tuesday raised its 2012 oil price forecast by more than $2/bbl to $100.25/bbl, saying it assumes the US economy grows 1.8% this year. In last month's report, the EIA expected 2012 West Texas Intermediate crude to average $98/bbl
- Argentina raises biofuel prices for domestic market 7/14
- Technip Energies' develops low-emission furnace design to reduce the carbon footprint of ethylene production 7/14
- Biofuel demand to soak up more than half of U.S. soyoil production next year, USDA says 7/14
- Russia's June seaborne oil product exports down 3.4% m/m 7/14
- Serbia seeks fifth U.S. sanctions waiver for Russian-owned oil firm NIS 7/14
- EIA: U.S. hydrocarbon production supported by export growth in long-term projections 7/14
